U.S. Implements New Sanctions on Iranian Oil Sales

The U.S. Treasury announced fresh sanctions targeting Iranian oil sales on Thursday, aiming to obstruct funding for Iran’s military operations.

Treasury Secretary Scott Bessent described these sanctions as part of Operation Economic Fury, which is the financial side of a broader military effort against Iran.

Bessent stated, “The Treasury Department will keep exerting pressure on Iranian oil sales to deny the Iranian regime and military the financial means to threaten U.S. allies in the Middle East.”

He emphasized that they would not allow Iran to increase its oil revenues to strengthen its military capabilities.

The sanctions focused on eight ships that were transporting Iranian oil, as well as over 15 companies involved in the country’s oil trade. These entities were based in various locations, including Hong Kong, Singapore, Qatar, the Marshall Islands, mainland China, India, and the United Arab Emirates.

Among the targeted companies was Sepal Energy Jahan Nama Pars, identified by the Treasury as a key player in Iran’s military oil network and described as “the oil marketing arm of the Iranian military general staff.”

The statement noted, “Sepal Energy Jahan’s oil exports rely heavily on access to Shadow Fleet vessels that transport military oil.” Many other sanctioned companies acted as fronts for Sepal Energy Jahan or assisted in facilitating Iran’s military oil trade.

Additionally, these sanctioned Iranian firms utilized the Iranian Armed Forces’ oil sales infrastructure to source petroleum products from abroad. For instance, Worth Sheen Energy Limited, based in Hong Kong, procures refined petroleum products on behalf of Sepal Energy Jahan from Iran’s National Oil Company (NIOC).

This round of sanctions was announced just a day after the Treasury Department targeted the Persian Gulf Straits Authority (PGSA), a body created by Iran’s Islamic Revolutionary Guards Corps (IRGC) to impose tolls and ransom on vessels navigating the Strait of Hormuz.

Bessent remarked, “Iran’s recent attempts to disrupt global maritime trade illustrate how Economic Fury has left the regime financially constrained. Through this initiative, the U.S. is tightening its economic grip on the world’s foremost state sponsor of terrorism.”

The sanctions directed at PGSA also included a notice that any person or organization that agrees to Iran’s toll or ransom demands could face secondary U.S. sanctions.